Redistribution of wealth from the robber-baron capitalists to the teeming masses is also closely in alignment with their central-planning kind of thinking, even if a good portion of the elites don't personally behave that way - skimming off funds and buying that large estate in Vancouver, Canada for example.
It is interesting to see Bitcoin at work, and I agree that China is a bigger part of the picture than many may realize at this point.
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Matonis never disappoints, the guy really knows how to hit the right points.
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Chance Bitcoin Succeeds 2% Assuming Bitcoin succeeds, what market share does it capture?
Store of Value 2% Black Market 0% Global Currency 0% Each Bitcoin is Worth $180
Not bad for low-balling the numbers. I personally think the chance of success is higher, as well as the other categories.
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Thanks!
PS: I'm still giving away 10 BTC per month from those funds to the Minecraft Faucet (I committed 100BTC to the Minecraft Faucet folks before the EFF announced they'd accept Bitcoin donations again)...
Thank you for your coding skills, and for being such a competent and honest human being.
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I prefer people not be intellectually lazy.
I will NOT stop referring to Bitcoin as 'virtual' or 'digital' because that is exactly what it is. If people can't wrap their little muppet heads around it, that isn't OUR problem.
Anyone who operates in the digital world immediately 'gets' this. The lumbering dinosaurs that don't will become extinct anyway, so why "dumb" it down?
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I think all this proves is that once again, at a high level in a collective governing body - Bitcoin is mentioned. If they didn't care, they wouldn't talk about it. Since they ARE talking about it, and with a negative spin, I think this belies some fear. After all, why waste the assembled dignitaries time if it is of no consequence?
The most interesting things come out of reading between the lines in these kinds of situations, and all I see is central banking fear rising.
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I think the pertinent question here is: "Who exactly are these dark web users?"
Are they people doing something TOO SHADY for SR? (Which only takes bitcoin)
Or are they people who simply believe that bitcoin isn't anon enough for them, because they are lazy or stupid?
Either group doesn't sound very large. I hope they continue to stay away from bitcoin.
Another good question: "How long will it take for uncle sam to shut down Perfect Money?"
Eh, its all the same in the end. Any tool can be used for good or bad. Hyperventilating about the "bad people" isn't productive.
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As deep as my distrust with any government is, I still think it's ridiculous... I SO hope you are right good sir. I think you greatly overestimate their abilities.
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Amazingly even-handed for a paper that usually has a political slant on most topics. I still don't trust the government as it relates to Bitcoin, but at least we get a breather - and that time will only see the network increase in strength. The opportune time to squash Bitcoin was back in 2009, and even in 2011 - but now the network is really gaining traction, so I think that ship has sailed.
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This is a classic case of "squeeze the balloon" when it comes to regulation or shutdowns - it merely displaces it somewhere else. Think of all the effort it took to get 17 different police agencies all over the world to shut down ONE centralized site. Now multiply that by several orders of magnitude to even begin to make a dent in bitcoin - if at all.
Just like the peer-to-peer blockade, it will fail miserably and consume a metric shit-ton of resources if anyone is stupid enough to try.
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The formal conversation between bitcoin and governments is a long way to go, something like 2 shadow boxers approaching each other with caution.
Nice imagery, but I prefer a rather more dramatic depiction. Bitcoin is bureaucratic ebola. While the host is busy penning new legislation that favors the biggest lobbying effort, BTC-bola is zooming along its bloodstream, hijacking cells and producing more copies of itself. As the capillaries fill with the detrius of bursted cell duplicators pushed to the limit - our host starts to sweat and feel tired. The end, when it comes, will have the host wondering what is wrong - why will the headache never end, that law that should've stopped BTC-bola didn't WORK, dammit - "Oh hell, my back hurts terribly. Think I'll lie down and have a rest." BTC-bola continues to infect the host, until its heart stops from massive damage to its corrupted systems. Yes, a bit over-the-top, but I couldn't resist.
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Of course if the currency were to stabilise, bitcoin investors (who make a substantial proportion of those holding bitcoins) would lose interest and precipitate a crash in value. Those using it as a currency would have little choice but to return to more predictable currencies to place their trust in. Investors could just invest their Bitcoins in e.g. shares and have it volatile again. So if its stable, the overwhelming boredom will cause it to crash? Are they insane? Return to 'predictable' currencies like every floating sovereign ducket on forex? What a complete idiot this guy is.
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Excellent article, I wish other online journalists were able to follow your example of precise and clear descriptions of bitcoin's inner workings.
I look forward to seeing your future contributions in this space.
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Shame we don't have a posting restriction here - I'd set it at 300 > to do anything. These people coming in with fresh-faced newbie accounts spouting off about what they "know" is rather annoying, like that SEC troll.
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Just a quick post so people know - data being collected here http://xena.ww7.be/wsj/story.txt (ne0futur's site) (Original WSJ story with sponsored link, phishing site WHOIS)Quick bullet points are: Microsoft's small business ad network at - advertising.microsoft.com is serving up ads related to bitcoin and mtgox to many websites, including ones like the Wall Street Journal with sponsored links like "New Century Gold: BITCOIN Protect your money - Buy Bitcoin www.mtgox.org"mtgox.org is a phishing site with a trojan binary in the signup link. Please do not follow any links that resolve to mtgox.org for any reason.
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I guess it has been bothering me, reading Tyler's posts year after year about how it is all going to hell, only to face a rally in the Dow or whatever by +200 points. Wow, the fact that you'd use the stock market as a reference at all says volumes about your thinking... Clearly there is some correlation between the surge and the new money since the start of QEs, wouldn't you agree? Talking about the economy and referencing the stock market in any way is an evil trick your overlords use to control your mind. That game is rigged beyond any hope of salvation. I'm well aware of why the market is levitating, the Federal Reserve's role, and the implications of debasing the dollar. My frustration is merely pointed at the collective Tyler(s) of Zerohedge who keep using any minute wiggle downward as the basis for "THIS IS IT" type of posts, only to be routed hours or days later. The point of my post is I find it a bit ridiculous to base a financial site on shrewd analysis of some issues, yet have zero tolerance for anyone pointing out the obvious -- that their timing is pretty early at best, and at worst - completely wrong. In any event, its either an account malfunction that has only happened to me in nearly four years, or someone decided to be done with me. Either outcome isn't the end of the world, just adds to the pile of weary acknowledgement when the abuse of power (however small) is involved, if that indeed is what it turns out to be.
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I haven't confirmed it yet - but I have my suspicions - that I've been blocked from my account on ZH after treading too closely to the main thesis of the site - that any downward movement in any given market is "THE BIG ONE", even if it subsequently rallies thereafter. This is usually explained away as "manipulation" or whatever term is convenient.
I guess it has been bothering me, reading Tyler's posts year after year about how it is all going to hell, only to face a rally in the Dow or whatever by +200 points. While I think the conventional financial system is due for a bloody big correction, I just disagree with the manner in which Tyler goes about it.
I've emailed them about the access problem, but frankly I'm not holding my breath. Guess I won't be able to counter the trolls and other muppets in the bitcoin-centric threads, but hell, I've done enough and there are others who are articulate and able to carry on.
Just wanted to post this somewhere if you wondered why I was "ghosted" from ZH.
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Mr. Che, all pants pulled together, finally sobered up, have washed with cold water and soap, talcum fingers \ strewed palms, all rolled into a garbage background is the sound of flickering and swap out the ... In ALHALVU!! the moment came unexpectedly!!
In Hell adische, burn it with fire but stronger! Who will throw the first rock into the den? Pressing the loot from ASIC-builders and investors throughout the "third wave"? Whatever that means...
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aigeezer - nice writing, still digesting it all.
Your comments about cash being digital also prompted me to think about the removal of any real inconvenience for the policy makers to fabricate new wealth. This is evinced by the slap-dash nature of the $85 Billion a MONTH flow the Federal Reserve is engaged in.
I still can't type that number without thinking - "What the hell are they doing... BILLION? Does anyone know how large that really is?" - it still boggles my mind that everyone is just walking around out there like it isn't a big deal.
Oh well, I guess we'll find out when the markets open Tuesday - seems the "flash injection" of cash the Bank of Japan had to do for their financial system is going to have some nasty consequences.
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Anyone who thinks Bitcoin can be "tamed" is missing the big picture. But of course, this entire forum is mostly powered by drama and inaccurate theories, so no big surprise there.
It doesn't matter what the Bitcoin Foundation does, it doesn't matter if they hire a lobbyist, make their own press contact list, whatever.
What matters is the client that you are running right now, and the collective power of the network itself.
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